Schedule 12 - Write-down orders

Financial Services and Markets Bill – in a Public Bill Committee at 11:00 am on 1st November 2022.

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Amendments made: 32, in schedule 12, page 310, line 43, at end insert—

“(2A) Nothing in this Part of this Schedule affects the operation of—

(a) Part 7 of the Companies Act 1989 (financial markets and insolvency);

(b) the Financial Markets and Insolvency Regulations 1996 (S.I. 1996/1469);

(c) the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (S.I. 1999/2979);

(d) the Financial Collateral Arrangements (No. 2) Regulations 2003 (S.I. 2003/3226).

(2B) The Treasury may by regulations amend sub-paragraph (2A).”

This amendment ensures that certain exclusions apply in relation to the moratorium on proceedings during a write down and provides a power to amend that list of exclusions.

Amendment 33, in schedule 12, page 315, line 8, after “paragraph” insert “3(2B) or”.—(Andrew Griffith.)

This amendment is consequential on Amendment 32 and ensures that regulations made under new sub-paragraph (2B) are subject to the affirmative procedure.

Schedule 12, as amended, agreed to.

Schedule 13 agreed to.